Recently, after several days of continuous sharp falls, A-Shares finally launched a strong counterattack on April 27, and the three major stock indexes rose sharply: the gem closed up 5.52%, the largest one-day increase in recent six years, and the Shanghai index and Shenzhen index rose 2.49% and 4.37% respectively.
It is worth mentioning that at the time of the spread of pessimism, the volume of institutional funds entering the market continued to increase, and all market participants were actively maintaining the stability of the market.
Since this year, institutions including public funds, bank financial management, asset management of securities companies and listed companies have carried out multiple rounds of “bottom reading” through self purchase. In addition, the data show that as of April 26, 448 listed companies have announced the completion of repurchase or released repurchase plans during the year.
all funds “borrow funds into the market”, with high enthusiasm
Recently, although the market fluctuates greatly, various signs show that the general trend of residents’ savings flowing to the capital market through public funds has not changed. At present, the fund shares of many funds are in a state of net growth, and there are still many funds “borrowing funds into the market”.
On April 7, Huaxia China Communications Construction Company Limited(601800) reits was officially put on sale, but the raising ceiling of 9.399 billion yuan attracted enthusiastic rush purchase of more than 150 billion yuan. Among them, the subscription scale of the public sale part exceeded 84 billion yuan, and the placement proportion of 0.84% set a new record for the placement proportion of public funds, which made many market people call “not bad money”.
On April 25, all the major indexes of A-Shares fell sharply, among which the Shanghai stock index fell by more than 5% and fell below the 3000 point mark. According to statistics, the stock ETF, which is regarded as the “investment vane”, bucked the trend on the same day and received a net inflow of more than 11 billion funds. The net subscription amount of many products such as Shanghai and Shenzhen 300etf and Shanghai Stock Exchange 50ETF exceeded 1 billion yuan, and the bottom reading funds were very turbulent.
Since this year, the market has continued to adjust, but the stock ETF has received a net subscription as a whole. As of April 25, the fund share has increased by 107815 billion. If calculated according to the average transaction price of each stock ETF, about 110.2 billion yuan of funds are flowing into the market through ETF.
according to the statistics of galaxy securities, in the first quarter of this year, the overall net purchase of equity funds was 103892 billion, the net redemption of hybrid funds was 114538 billion, the net purchase of monetary funds was 597258 billion, the net purchase of bond funds was 131606 billion, and the net purchase of QDII was 62.419 billion
“China is striving to achieve the medium and long-term high-quality development goal, and the capital market may be an important carrier to carry this goal. The reform of the registration system and the implementation of new asset management regulations have also completed the construction of the underlying infrastructure of the market slow bull mechanism from both supply and demand, and the medium and long-term slow bull pattern may have gradually taken shape.” He Xiaobin, director of Bodao fund research department and fund manager, said.
public funds and asset management of securities companies “copy the bottom”
In the face of various funds entering the market with the help of funds, public funds and asset management of securities companies have also shot one after another to “copy the bottom” through self purchased products.
According to the Chinese reporter of securities companies, up to now, 63 companies have sold, with a cumulative self purchase amount of more than 1.8 billion yuan. As the main force of the “self purchase army”, the self purchase scale of public funds has reached 1.636 billion yuan, and the self purchase amount of asset management of many securities companies is also nearly 250 million yuan. It is worth noting that since April, the amount of self purchase by public funds and asset management of securities companies has increased by 229% year-on-year.
public funds, self purchased products mainly include stock funds, hybrid funds, bond funds and fof funds, with self purchased amounts of 516 million yuan, 575 million yuan, 255 million yuan and 150 million yuan respectively. The self purchase amount of four public funds, including China Southern Fund, ICBC Credit Suisse fund, Xingzheng Global Fund and Cathay Pacific Fund, exceeded 100 million yuan
In addition, asset management of securities companies have also successively joined the self purchase army. Self purchased products mainly include stock funds, hybrid funds and bond funds. Among the self purchased asset management of securities companies, the self purchased amount of Huatai asset management and Changjiang asset management exceeded 100 million yuan. Industry insiders believe that the active self purchase of asset management of securities companies not only reflects their full confidence in the long-term healthy and stable development of China’s capital market, but also reflects their full confidence in their own ability of active investment management.
trillion level pension funds urgently need to be mobilized
In addition to the funds that have entered the market, the medium and long-term funds that will enter the market are also very considerable.
Recently, the opinions of the general office of the State Council on promoting the development of individual pensions and the opinions on accelerating the high-quality development of the public fund industry have been issued successively, which not only made it clear that the funds in individual pension accounts can be used to buy bank financial management, commercial pension insurance and public funds, but also expressed support for more excellent public fund managers to participate in pension management, This also means that the capital market will welcome long-term funds again.
China International Capital Corporation Limited(601995) chief strategist and managing director Wang Hanfeng pointed out that according to the data of the Ministry of human resources and social security and the National Bureau of statistics, by 2020, the number of people participating in urban basic old-age insurance and urban and rural old-age insurance was 450 million and 540 million respectively, indicating that the population base that can participate in the individual pension system is wide. At the same time, based on the current regulations, the upper limit of participants’ annual payment of personal pension is 12000 yuan, which means that from a long-term perspective, the capital scale of personal pension account is expected to exceed trillion yuan.
In addition, according to the difference between the existing position proportion of each stock in the fund in the first quarter report of 2022 and the upper limit of the stock proportion specified in the fund contract, Galaxy Securities Fund Research Center calculated the maximum available funds for public funds to buy a shares: among them, the remaining funds available for public funds to buy A-Shares at the end of the first quarter of 2022 that have been disclosed in the first quarter report are 592698 billion yuan; The asset scale of the equity fund raised and established in February and March 2022 without disclosing the quarterly report is about 47.872 billion. Assuming that 40% of the positions have been established by the end of the first quarter of this year, the remaining 40% stock capital position is about 19.149 billion yuan; In April 2022, stocks raised a total of 8.055 billion assets from funds. These funds should not have time to build positions on a large scale, which is 4 billion yuan according to 50%.
Galaxy Securities Fund Research Center believes that if there is a sustained low in the stock market recently, the above-mentioned new funds can absorb those who have completed the position building work on a bargain hunting basis. In addition, the remaining capital position of the stock direction fund that has disclosed the quarterly report can be as high as 615.7 billion yuan for the maximum available funds of public funds to buy A-share stocks in the near future.
bank financial management “xinlijun” participated in for the first time
Under the fluctuation, many financial management subsidiaries of the banking department also sent letters to investors this spring for “psychological massage”. According to the data, the self purchase scale of the five bank financial management subsidiaries so far is about 2.85 billion yuan.
It is worth mentioning that this is also the first time since the establishment of the “new force” of the asset management market, the financial management company, has publicly opened the behavior of self purchase of its products from the company level.
On March 23, Everbright financial took the lead in announcing self purchase. Based on the confidence in the long-term healthy and stable development of China’s capital market, the company will increase its holdings of financial products managed by the company and subscribe for its products with its own funds of no more than 200 million yuan.
Nanyin financial immediately followed up and announced its self purchase information the next day. According to its announcement, based on the principle of risk sharing and benefit sharing with the majority of investors, it has invested about 500 million yuan of its own funds to subscribe / subscribe for the company’s financial products. It is announced that the above 600 million yuan of self financing products will be used in the above two self financing products.
Caizi announced that the self purchase behavior did not stop abruptly. Subsequently, two large-scale financial companies, China Merchants Bank financial management and xingyin financial management, launched a larger self purchase behavior again. Among them, xingyin wealth management invested about 1 billion yuan of its own funds in its managed wealth management products. Subsequently, China Merchants Bank financial management also invested about 500 million to join the ranks of self purchase.
“the self purchase behavior of financial subsidiaries is similar to that of funds, and it is also transmitting information to the market.” Some people in the banking industry told the Chinese reporter of the securities firm that the self purchase of its products by the financial management subsidiary, on the one hand, is out of confidence in its own products, on the other hand, it is also based on understanding the products to maximize the income as far as possible, “there is also a certain advertising effect, indicating the attitude of sharing the income and risk with customers”
“Financial companies show their confidence in the healthy development of the capital market through repurchase, which helps to stabilize the confidence and expectation of financial investors and maintain a good development trend of the financial market.” Dong ximiao, chief researcher of Zhaolian finance, said.
bank financial management broke the net and improved, creating a revenue of more than 200 billion in the first quarter
On April 24, according to the data released by the financial management registration center, the scale of the financial management market remained stable in the first quarter of this year, creating a cumulative income of 205.8 billion yuan for investors. Among them, the income of financial management companies cashing investors was 100.4 billion yuan, a year-on-year increase of 1.81 times, and the income of banking institutions cashing investors was 105.4 billion yuan.
At the same time, at present, the net worth performance of many financial products is returning to positive growth. From the perspective of income, as of April 25, the average return of 28360 financial products in the year was 0.68%, significantly ahead of the performance of the CSI 300 index of – 22.78% in the same period, which once again reflects the steady characteristics of financial products.
According to the Chinese reporter of the securities firm, as of April 24, the bank’s financial management subsidiary had issued 8680 bank financial products, of which 1106 had a net value lower than “1”, and the net breaking rate was 12.74%, slightly better than 14.43% at the beginning of the month.
It is worth noting that the equity ratio of most financial products is not high. Specifically, ordinary fixed income financial products invest most of their assets in bond assets; Most of the “fixed income +” financial products are invested in bonds and another part is invested in the equity market; The investment scope of fof includes a variety of assets such as equity and bonds.
Since mid March, the bond market has gradually stabilized, and the net value of most financial products has also rebounded; Financial managers are also actively adjusting the proportion of products in time.
448 listed companies join the “self purchase army”
Data show that as of April 26, 448 listed companies have announced the completion of repurchase or released repurchase plans during the year. Among them, more than 50 listed companies have issued repurchase announcements since April. From the perspective of repurchase purpose, most companies say that repurchase is to maintain the share price of the secondary market and be optimistic about the long-term development of the company.
The Chinese reporter of securities companies noted that recently, the CSRC, the SASAC and the all China Federation of industry and Commerce jointly issued a notice on further supporting the healthy development of listed companies, proposing to encourage listed companies to repurchase shares for equity incentive and employee stock ownership plans. Support eligible listed companies to repurchase in order to stabilize the share price.
Many companies launched large-scale repurchase or released repurchase plans, and many listed companies implemented repurchase immediately after issuing repurchase plans. From the point of view of the company, there is a view of the company from the point of view of the company of Haier Smart Home Co.Ltd(600690) morethan 10 listed companies, including Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) and Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) etc., plan to repurchase more than 1 billion yuan.
At the same time, Chinese reporters from securities companies also noted that many shareholders and management of listed companies have entered the market to increase their holdings. According to choice data, as of April 25, a total of 98 listed companies have thrown out shareholder increase plans this year, involving 185 controlling shareholders, actual controllers or senior executives, and the lower limit of the cumulative increase amount has reached 6.323 billion yuan.
macro liquidity is reasonably released, and the policy is favorable one after another
In order to increase the support of prudent monetary policy to the real economy, the recent macro policy has also been positive.
Chinese reporters from securities companies learned that since the self-discipline mechanism of market interest rate pricing announced the optimization of the self-discipline upper limit of deposit interest rate in the middle of last year, the long-term interest rate of banks has been generally reduced. In April this year, the market interest rate pricing self-discipline mechanism held another meeting to encourage some small and medium-sized banks to reduce the floating ceiling of deposit interest rates by about 10 basis points.
at present, banks generally lower the floating range of interest rates according to their own business conditions and the guidance of financial supervision departments, which will further reduce the interest rate level of banks’ loans to the real economy
In terms of specific implementation, recently, after several joint-stock banks reduced the interest rate of some long-term deposit products, the upper limit of 2-year and 3-year ordinary time deposit interest rate of China Construction Bank, ICBC, Agricultural Bank of China and Bank of China was generally reduced by 10 basis points.
“Encouraging the reduction of the floating upper limit of deposit interest rate, which can open the space to reduce the financing cost of the real economy from the liability side of banks, is one of the important measures to promote ‘wide credit’.” Soochow Securities Co.Ltd(601555) recently, the research report pointed out that reducing the deposit interest rate also provides support for the bank interest rate spread.
In addition to the reduction of RMB deposit interest rate, the central bank also made rapid moves on foreign exchange policy to further stabilize the exchange rate of RMB against the US dollar.
On April 25, the official website of the central bank announced that since May 15, the foreign exchange deposit reserve ratio of financial institutions has been reduced by 1 percentage point, that is, the foreign exchange deposit reserve ratio has been reduced from the current 9% to 8%. Lowering the foreign exchange reserve ratio is equivalent to releasing more US dollar liquidity supply to the market, which can reduce the depreciation pressure of RMB against the US dollar.
Bank Of China Limited(601988) Research Institute senior researcher Wang Youxin told Chinese reporters of securities companies that the foreign exchange deposit reserve ratio is an important macro Prudential policy tool for cross-border capital flows. At present, when there are great changes in exchange rate prices and market sentiment, adjustment can play a good counter cyclical role, improve the situation of foreign exchange supply and demand, release policy signals, and stabilize exchange rate and market sentiment.
China Everbright Bank Company Limited Co.Ltd(601818) financial market analyst Zhou Maohua predicted that the central bank would cut the foreign exchange reserve ratio by 1.0% based on the balance of China’s foreign exchange deposits of US $996.9 billion at the end of last year, releasing liquidity of nearly US $10 billion.
Zhou Maohua pointed out that the central bank issued policies in a timely manner in response to the current economic trend, and the economy is expected to operate within a reasonable range; The monetary policy continued to maintain a stable tone and foreign trade was resilient enough; In the medium and long term, China’s financial services market has great potential, and the pattern of RMB assets attracting foreign investment remains unchanged.
Just after the central bank’s “RRR reduction” of foreign exchange, in order to strengthen the support of monetary policy to the real economy, the central bank made another voice on April 26: there have been some fluctuations in the financial market recently, which are mainly affected by the expectations and emotions of investors. At present, China’s economic fundamentals are good and the potential for endogenous economic growth is huge.
It is worth noting that in order to strengthen the support of prudent monetary policy to the real economy, the central bank has set up a number of new special refinancing tools since this year, such as the introduction of scientific and technological innovation refinancing and inclusive pension refinancing; And increase the amount of existing refinancing, such as adding 100 billion yuan of refinancing to support the development and use of coal and enhance energy storage, and increasing small refinancing for agriculture and special refinancing for civil aviation
During the year, 230 listed companies were supported by an increase of 27.5 billion yuan by “their own people”
63 public offerings and asset management of securities companies sold “bottom reading”, with a cumulative self purchase amount of more than 1.8 billion yuan, a year-on-year increase of 61%
Hurry up! Make a repurchase plan on the same day and buy shares on the same day! Listed companies are optimistic about the future market
